How to Get a GNAT Get Personal Loan as a Teacher

If you’re a teacher in Ghana and need financial assistance, the Ghana National Association of Teachers (GNAT) offers personal loans to its members. These loans can be helpful for various purposes, such as covering unexpected expenses or investing in personal development. Here’s what you need to know about obtaining a personal loan from GNAT:

• How Do I Claim GNAT Contributions to Mutual Funds?
• What is GNAT mutual fund? How to Apply one?

Eligibility Criteria

Before applying for a personal loan, ensure that you meet the following conditions:

1. GNAT Membership: You must be an active member of GNAT. If you’re not already a member, consider joining to take advantage of the benefits.
2. Six Months Mutual Fund Contribution: To qualify for a loan, you need to have contributed to the GNAT Mutual Fund for at least six months. Regular contributions demonstrate your commitment and financial stability.
3. Affordability Assessment: GNAT considers your ability to repay the loan. They assess your financial situation to determine whether you can comfortably service the loan.
4. Total Contribution ≥ 10% of Loan Amount: Your total contributions to the fund should be at least 10% of the loan amount you’re requesting. This ensures that you have a vested interest in repaying the loan.
5. Monthly Contribution of 1% (of Approved Loan): After your loan is approved, you’ll need to contribute 1% of the loan amount monthly. This contribution helps maintain the fund and supports other members.
6. Interest Rate: The interest rate for GNAT personal loans is 16% per annum, calculated on a reducing balance basis.

Loan Amount and Repayment Terms

As a member of the GNAT Mutual Fund, you can access a personal loan of up to Thirty-Five Thousand Ghana Cedis (GH₵ 35,000). The repayment period is forty-eight months (48 months) or four years (4 years).

How to Apply

Follow these steps to apply for a personal loan:

1. Visit the GNAT Mutual Fund CRM Portal: Go to the GNAT Mutual Fund’s official website or portal.
2. Log In: Enter your Staff ID and Password to log in. If you haven’t registered yet, follow the registration process.
3. Dashboard: Once logged in, wait for the system to authenticate your credentials and redirect you to the dashboard.
4. Teachers Fund Link: From your dashboard, locate the “Teachers Fund” link (usually in the top right corner).
5. Loan Application: Click on “Apply for a Loan” and follow the provided procedures to submit your loan request.

Note

Remember that the loan amount you can access depends on your affordability and the availability of funds within the GNAT Mutual Fund. Make sure to use the loan wisely and repay it promptly to maintain a healthy financial relationship with GNAT.